Katsina Times 

In a decisive move, the Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank. This action was prompted by severe non-compliance issues, ranging from regulatory violations to corporate governance failures, disregarding licensing conditions, and engagement in activities posing a threat to financial stability, as outlined in Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020.

The infractions cited by the CBN include regulatory non-compliance, corporate governance lapses, and a disregard for the conditions under which their licenses were granted. The banks' involvement in activities deemed a threat to financial stability played a significant role in this unprecedented move.

Despite the shake-up, the CBN reassures the public about the safety and security of depositors' funds. The regulatory body remains unwavering in its commitment to fulfilling its mandate of upholding a safe, sound, and robust financial system in Nigeria. Emphasizing that the banking system remains strong and resilient, the CBN aims to restore confidence in the sector.